St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-17
On the Chicago Board Of Trade Tester-
day June Wheat Took a JUMP
in the Morning.
Various Causes Combined to Create q.
Rather Nervous Feeling AMONG the
Genera! Operators.
Later in the Day the Clique Tcck AL
the Offerings and the Crowd Be-
came Panic-Stricken.
Transactions in the Financial Circles
CT Wall Straightforward Mar
ket Review.
Special to the Globe.

Special to the Globe.
CuIcAGo. H., May 16.-June wheat went at
once TO S7Iec this morning, point higher
than WAS touched at all during the so-called
manipulation in the May 9r9on. me Giiqu y.
They were not buyers ON amy great scale.
The market was under the influence OF
general alarm on the side OF the shorts-ai
alarm that began last week; that grew frCm
IhinEiug of il over Sunday; and that, finally,
was increased on finding that little wheat
was for sale to-day. Cuddahy was credited
with selling some wheat aud Hutchinson is
supposed to have sold July. The market
started with the impression abroad that the
visible supply figures were likely 10 FURNISH
courage IL the bulls, although the movement
of wheat is so large, so general, ana III so
many directions that gueSseS were not readily
hazarded June wheat sold above S1l2c.
july did not follow near so rapidly, and was
at times at &c discount: The clearanees CT
wheat from New York l23S,0oo bushels
made the clearanceS of wheat from that sin
Gle point |. l25 900 bushels for the week. 1t.
of course. was IL bit of bull news. Dispatches
from California described the crop situation
there as deplorable, matter that was much
talked of Il month ago. but which mas re-
Gently been forgotten. The
VISIBLE SUPPLY FIGURES
were nearly up to the anticipation IheE
showed decrease i'll wheat OF l,S3o.ooo
bushels. making the visible supply now
IL
the three Atlantic ports New York. Phlla,
deluhia and Boston, were even more OF Al bun
argument aggregating 1O3,ooo puSuSis lor
Saturday Even the shipments from Cnlcago
were large Under the influence OF thls sort
of news June wheat sold up 10 SoSIc an
advance of l34c from the opening. rms
was good deal further advance IMAM inc
surrounding markets had, ana Il goou dedl
further advance than the more deferred ops
tiOnS-,Iuiy. August and superintendent
here But there was the extra pressure upon
the June of the shorts. hiS and llle for
some reason or other, too. ArmOurs broEerf
were apparently bidding up June The
clique houses took little share i'll the days
business. They did not buy al all III way
that gave the impression that they were TAX
ing in more June wheat for their big primer
pals They did sell little June and buy a
little May but this was probably for the pur-
pose Of relieving June little without letting
go any wheat The exports last week Were
2093. 800 bushels Of wheat and l19,1OO
barrels Of -four equivalent, with the flour
reduced to > 800 600 bushels of wheat,
about 900. coo bushels larger than for the
same week last year.
THE ROUTINE REPORT.
CHICAGO May l6.-,June wheat opened this
morning at S7SSc and at once went TO S1l2c,
Il higher figure than was touched at all our
ing the late manipulation i'll the May optloll
nervous feeling in the crowd brought
about by the clique operators late Saturday.
large EXPORT cleariugS, and an expectation OF
about 900, 600 bu decrease i'll the visible
supply were the causes OF the strength. Inc
clique buying during the flrst hour OF the
session was very light and the balance OF
the crowd was in possession of the market.
Nearly every trader i'll the pit was trying III
one way or another to buy little wheat; and
the feeling was very UNANIMOUSLY Duillsn.
AT the close of the first hours trading June
was bid up to S?34c, with sellers at that price
very few. At midday an advance OF lS4c had
been secured in the June option. reductions
of soc for June wheat before the week was
over were made very freely, and the shorts
were very nervous. They started the buying
themselves, and the clique did not begin to
bid very loudly early in the day. After prob
ably an hour from the opening OF the session
the clique were known TO be picking up
everything offered, and the shorts became
panic-strcken. Before this prices were SIS4c
stampede commenced that option ran
right up to $3.50. At SSc there
was considerable short wheat covered,
but it came from the crowd promiscuously;
and no large lines were evened up. Around
SSlsc and SS4c there was q short lull, and
prices again advanced. June went right up
TO SSS4GSS7sc. 4 little later it reacted some,
and at 1870 it was selling at SSss@SS!2c.
Immediately after the afternoon session
opened June wheat bulSed to S9c, but 1t
failed to hold and settled back to SSl2c. Be
tween these two figures it was very active,
and the final close was SS5s@SSs4c. Corn
opened at 40s4c for July and sold down to
40asGj4034c in the first few minutes and con-
tnued TO drag until midday, when some OF
the pork men stepped over into the corn pit
at the time when wheat became strongest
and ran the price of July up to 41l2c. Later
1t reacted to 4lAc and remained steady
around 4lA@4lssc, at which figure July
corn closed. A larger arrival of hogs than
opening as f Sc lower at $50. July ribs also
opened Sc lower at S7.12l2. Afterward
lighter receipts of hogs at other points and
an absence of selling made provisions firm
up u little i'll the course of AN hour July
lard went up TO $40 and July ribs to $40.
In the afternoon market the strength in
wheat and corn had its influence, on provis-
ions. July lard closed $3.50 bid and July
ribs at 81 32l2 bid.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. = May SEE, closing at S1SSc;
June, s7lse, closing at ssssc; July, s5l2c,
at 3sl2c; June, SOC, closing at 3sl2c;
July, 40s4c, closing at 41Ac; August, II sc,
closing at 26Ae; June, 27lsc, closing at
PoTk-peF Dbl, May, sd, closing "a at
aFdpsT u4 100 Ss May SiGss sgs5 Closing AZ sS at
S6.70; June, $3.50, closing at ST. 72l9 July
$50 closing at $3.50; August, Sc: so,
closing at S6.92l2. Short ribs-per 100 lbs,
s5 81. CLOSING Ss'HS at At s?sa; : JHy
ust, 500, closing at S742I2
Cash quotations were as follows: Flour
steady r9 prices UNCHANGED WheaNo
. red, S724c. Corn-No. 9, 3ss40 $3.50.
Oats-No. ., 26@26l2c. Rye-No. 3, 56l2c
Barley-No. ,, SIC. Prime timothy seed,
Sill. Mess pork, per Dbl, ST.. Lard per
100 lbs. S6.65@6. 20. Short rib sides, loose,
S7.1O@7.15; dry sailed shoulders, boxed,
S5.6oQ5.70; short clear sides, boxed. $500
7.60. Whisky-Dstillers' finished goods,
granulated &c: standard A. 55sc. Receipts
Flour, ID, 900 bbls; wheat, ~, 900 bu: corn,
10000 bn; oats, pos, 900 bu; rye, 1000 bu
barley, $4,000 bu. Shipments-Flour 5000
bbls; wheat 900 bu; corn 1877, 900 Blu
oats 100000 bu; barley, 1000 bu On the
produce exchange to-day the butter market
was lower; creamery. 16@2O12c; dairy
14l2@19c. Eggs, firm. 10le@J11c.